Veterinary Services Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Healthcare & Pharmaceutical
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- Published on: July 2022
- Report ID: KDMI-7047
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Request PDF SampleVeterinary Services Market: Overview and Definition
The global veterinary services market size is projected to grow from USD 29.6 billion in 2021 to USD 180 billion by 2032, at a CAGR of 7.4% from 2022 to 2032. Veterinary services refer to the services given to the vets for diagnosis, analysis, and treatment of illnesses and wounds. The services can be applied livestock. Veterinary services are easily accessible.
Veterinary services are helpful in ensuring safe trade of live animals and their products such as meat based on OIE international Standards. After going through certain procedures, officials certify that food of animal origin complies with animal health and food safety requirements. Veterinary services are grouped dependent on the assistance; for example Analytic Tests and Imaging, Physical Health Monitoring, Surgery, and Other Services (Dental Care, Grooming, Vaccination, Counselling). Companion animal and farm animal are associated with veterinary services.
The veterinary services market involves the provision of medical care, diagnostics, and treatment to animals, including pets, livestock, and wildlife. This market has been growing steadily over the past few years due to increasing pet ownership, rising awareness about animal health, and advancements in veterinary medicine. The market is highly fragmented, with numerous small and large players offering a range of services, from routine checkups and vaccinations to complex surgeries and emergency care. North America and Europe are the largest markets for veterinary services, while the Asia-Pacific region is expected to experience significant growth in the coming years.
Veterinary Services Market: Key Drivers
There are several drivers that have contributed to the growth of the veterinary services market in recent years. These include:
Increasing pet ownership: More people are keeping pets, especially dogs and cats, as companions, which has led to an increase in demand for veterinary services.
Rising awareness about animal health: There is a growing concern for the health and welfare of animals, and pet owners are increasingly seeking high-quality veterinary care for their pets.
Advancements in veterinary medicine: Advancements in veterinary medicine and technology have made it possible to offer more specialized and advanced treatments, which has expanded the scope of veterinary services.
Increased spending on pet healthcare: Pet owners are willing to spend more money on pet healthcare, which has led to the growth of the market.
Growth of the livestock industry: The livestock industry is expanding, and with it, the demand for veterinary services to ensure the health and productivity of livestock.
Government initiatives: Governments in various countries are taking initiatives to improve animal health and welfare, which has led to an increase in demand for veterinary services.
The rising instances of zoonotic and other infections are the key components driving the market for veterinary medication. The worldwide animal population has additionally been witnessing fast development in the course of recent many years. As indicated by the USDA, there were around 103.0 million cows and 32.1 million beef cows in the U.S. as of July 2021 and are likely to increase in coming years. Also, rising R&D, increasing pet adoption rate, and expanding consumption of meats are expected to drive the growth of veterinary services market.
Increased pet ownership - There has been increased by ownership from the past few years in countries like USA and UK as animals provide companionship and understanding and fill the void of loneliness in some people. On the other hand, they also protect the household from various threats of crime and pests.
Increased expenditure on pets – In developed countries like US, people are increasing their spending on well-being of pets. Various awareness campaigns on social media is also positively impacting the growth of market. People have been writing about how they take care of their pets, kind of food they eat, and awareness is being spread about their specific nutritional requirements. People are getting more aware and are more likely to get veterinary service whenever their pet will need.
Small to medium-sized clinical health services are increasing day by day as people turning sensitive towards animals. Animals are thermosensitive and human disruptions can harm them. For example the sense of hearing of dogs is highly sensitive and noise pollution can harm their healing abilities which is only the tip of the iceberg out of all the inhumane acts directed towards them, which affects both their mental health and long-term stability. Pets require external veterinary help to make them stable for healthy life. The veterinary services industry creates millions of jobs every year and is a key part of the growing MSME sector of economy and has been rewarding highly qualified personal as well.
COVID-19 has had a huge impact on veterinary services market. Less government initiatives have been taken in the field of veterinary services as they are focusing to curb COVID-19 cases. The market has seen negative growth as most veterinary specialists have been counted as health care for online workers in times of crisis, also, top priority has been shifted from them towards saving more human lives.
Veterinary Services Market: Challenges
Despite the growth potential, the veterinary services market also faces several challenges, including:
High costs: Veterinary care can be expensive, and many pet owners may not be able to afford it. This can limit the growth potential of the market.
Limited access to veterinary care: In some areas, there may be a shortage of veterinary professionals or limited access to veterinary clinics, which can limit the availability of services.
Regulatory and legal challenges: There are various regulations and legal requirements that govern the provision of veterinary services, and complying with these can be a challenge for veterinary professionals and businesses.
Competition: The market is highly fragmented, with numerous small and large players offering similar services, leading to intense competition.
Ethical concerns: There are ethical concerns surrounding animal testing and research, which can limit the growth potential of the market.
Zoonotic diseases: Zoonotic diseases can be transmitted from animals to humans, and the outbreak of such diseases can impact the demand for veterinary services.
Veterinary Services Market: Report Scope |
|
Base Year Market Size |
2021 |
Forecast Year Market Size |
2022-2032 |
CAGR Value |
7.4% |
Segmentation |
|
Challenges |
|
Growth Drivers |
|
Veterinary Services Market: Segmentation
By Animal Type
- Dogs
- Cats
- Cattle
- Pigs
- Horses
- Poultry
By Medicalization Type
- No medicalization
- Basic Medicalization
- Veterinary Care
By Country/Region
- North America
- US
- Canada
- Europe
- Denmark
- Finland
- Greece
- Norway
- Portugal
- Belgium
- Czech Republic
- Sweden
- Asia Pacific
- Singapore
- New Zealand
- Vietnam
- Philippines
- Malaysia
- Indonesia
- Latin America
- Brazil
- Argentina
- Colombia
- Mexico
- Chile
- Middle East & Africa
- GCC
- North Africa
- South Africa
Veterinary Services Market: Regional Synopsis
North America captured highest market share in the veterinary medication market and represented market share of more than 37.4% in 2021. The predominance is trailed by the European nations. Key contributing factors driving the growth of market include expanding commonness of zoonotic illnesses and positive repayment programs. Additionally, expanding reception of pet health care coverage in the U.S. is likewise expected to add to advertise development.
In Asia Pacific, the market for veterinary medication is anticipated to show high growth during the forecast period. Factors such as higher adoption of partner animals and expanding wellbeing worries have advanced the market development in Asia Pacific. Furthermore, increasing use of creatures for wellbeing and veterinary administrations and cow population are factors that are driving the market for veterinary medication. Countries like India and China are witnessing surge in adoption of pets which will further foster the growth of market. Latin America regions is expected to grow at a CAGR of 7.1% during forecast period.
Veterinary Services Market: Recent Developments
Some recent developments in the veterinary services market include:
Telemedicine: The COVID-19 pandemic has accelerated the adoption of telemedicine in the veterinary industry, allowing pet owners to access veterinary care remotely.
Specialized care: Veterinary clinics and hospitals are increasingly offering specialized services, such as oncology, cardiology, and neurology, to meet the growing demand for advanced veterinary care.
Increasing Mergers and Acquisitions: Large players in the market are acquiring smaller practices, leading to consolidation and the emergence of larger players with broader offerings and better economies of scale.
Focus on preventive care: The focus is shifting from treating diseases to preventing them, and veterinary professionals are placing a greater emphasis on preventive care, such as routine check-ups, vaccinations, and wellness programs.
Nutritional counseling: Veterinary professionals are increasingly offering nutritional counseling to pet owners to help them manage their pet's diet and prevent health problems.
Mobile clinics: Mobile veterinary clinics are becoming more popular, particularly in rural areas, providing access to veterinary care for those who may not be able to travel to a clinic.
Veterinary Services Market: Key Players
- Ceva Sante Animale
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- Nutreco N.V.
- Virbac
- Kindred Biosciences, Inc.
- Biogenesis Bago
- Indian Immunologicals Ltd.
- Neogen Corporation
- Hester Biosciences
- Merck Animal Health
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